Pregled bibliografske jedinice broj: 689536
Capital account mismanagement, deleveraging and unstable economy in the European Union periphery countries: the case of Croatia and Slovenia
Capital account mismanagement, deleveraging and unstable economy in the European Union periphery countries: the case of Croatia and Slovenia // Financialisation and Financial Crisis in South - Eastern European Countries / Radošević, Dubravko ; Cvijanović, Vladimir (ur.).
Frankfurt: Peter Lang, 2015. str. 139-171 doi:10.3726/978-3-653-05862-8
CROSBI ID: 689536 Za ispravke kontaktirajte CROSBI podršku putem web obrasca
Naslov
Capital account mismanagement, deleveraging and unstable economy in the European Union periphery countries: the case of Croatia and Slovenia
Autori
Radošević, Dubravko
Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni
Knjiga
Financialisation and Financial Crisis in South - Eastern European Countries
Urednik/ci
Radošević, Dubravko ; Cvijanović, Vladimir
Izdavač
Peter Lang
Grad
Frankfurt
Godina
2015
Raspon stranica
139-171
ISBN
978-3-631-66116-1
Ključne riječi
Model razvoja, upravljanje kapitalnim računom, trilema otvorene ekonomije, financijalizacija, monetarna unija, nestabilna ekonomija, makroekonomske neravnoteže, indikatori ranjivosti, razduživanje
(development model, capital account management, open economy trilemma, financialization, monetary union, unstable economy, imbalances, vulnerability indicators, deleveraging)
Sažetak
Both countries – Croatia and Slovenia – in many respects implemented a common development model. The model was based on financial market deregulation, with strong reform incentives for external liberalization. Unfettered capital flows were the main element of this growth model, accompanied with catching-up process and institutional anchoring to the European Union. Capital account mismanagement and unsustainable increase of external debt led to unstable economic structures. Unstable economies are fragile to various external shocks, increasing contagion risk and deleveraging. Banks’ deleveraging put additional deflationary pressures, deepening financial crisis and recession and limiting policy options for exit strategies. Inflexible implementation of the open economy trilemma in Croatia and Slovenia - that was applied in accordance with the standard interpretations of the open economy trilemma theory, in particularly based on experience of the capital account mismanagement in both countries - had unfavorable outcomes for financial systems (in) stability, increasing systemic risk in financial systems. In conclusion we suggest rebalancing development model and an outline of counter – cyclical policy responses.
Izvorni jezik
Engleski
Znanstvena područja
Ekonomija
